🎩🔎 #Gold $XAUUSD - here's how the week ended with gold. Short term momentum has switched from upwards to downwards with a broken upward trend and new supply being formed. On the daily chart, we have no upward trend, and we have a demand zone in play. The monthly and weekly charts are an uptrends, but we have to be cautious with them, because price is overextended.
🤷♂️ Conclusion: Very short term momentum will likely continue to the downside unless this supply area is removed. The daily demand zone will need to be removed for momentum to really kick into the downside.
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